New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 (90 of 2002)

Schedule 2   Consolidation: miscellaneous changes to asset cost provisions

Income Tax Assessment Act 1997

3   At the end of subsection 701-35(4)

Add:

Note: As a consequence of fixing the trading stock's value at the end of the income year under this subsection, no election would be available under section 70-45 to value the trading stock at that time.